Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
1.1. Note the General Fund revenue budget outturn is forecast to be balanced at Month 8. Service directorates are indicating a £16.865m overspend. This is offset by £0.978m corporate underspend, £4m use of earmarked inflation reserves, £5m use of the general contingency budget and the budgeted £6.9m contribution to General Fund Balances being released.
1.2. Note the forecast elimination of the planned contribution to General Fund Reserves of £6.9m for 2022/23.
1.3. Note that a further number of risks and compensating opportunities may materialise which would see the forecast change.
1.4. Note the actions being taken through the Deficit Recovery plan. Further details are in paragraph 2.15
1.5. To approve the progress of the MTFS savings as indicated within Table 4 and detailed in Appendix 3.
1.6. Note the Housing Revenue Account (HRA) is projecting an end of year position of a £4.976m overspend, due to inflation, disrepair costs and void rents.
1.7. Note the Capital Programme spend to date for the General Fund of £17.534m (against a budget of £68.160m) with a projected forecast underspend of £15.084m for the end of the year.
1.8. Note the Housing Revenue Account Capital Programme spend to date of £12.352m (against a budget of £25.165m), with a projected forecast underspend of £4.145m for the end of the year.
1.9. Note, the above figures are predicated on forecasts from Month 8 to the year end and therefore could be subject to change as forecasts are made based on the best available information at this time.
1.10. Note, the Council continues to operate a Spend Control Panel to ensure that tight financial control and assurance oversight are maintained A new financial management culture is being implemented across the organisation through increased scrutiny, such as the monthly assurance meetings, improved communication and budget manager training from CIPFA.
1.11. To approve the virement details in section 7 of this report.
Publication date: 06/03/2023
Date of decision: 22/02/2023
Decided at meeting: 22/02/2023 - Cabinet